No going back on cashless policy, says Emefiele

The Central Bank of Nigeria (CBN), yesterday, maintained all its key monetary rates, which determine interest rate regime in the country, by retaining the Monetary Policy Rate (MPR) at 13.5 per cent, as well as all other parameters around the rate. This was part of the outcome of its highest policy meeting, the Monetary Policy Committee (MPC), which ended in Abuja yesterday. The other retained parameters included the asymmetric corridor of +200/-500 basis points around the MPR, Cash Reserve Ratio (CRR) at 22.5 per cent and liquidity ratio at 30…

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Cashless Policy: Reps order CBN to halt new charges on bank transactions

The house of representatives has asked the Central Bank of Nigeria (CBN) to hit the brakes on the implementation of the cashless policy it recently re-introduced. At the plenary session on Thursday, the lower legislative chamber said the policy will lead to a significant decrease in credit extension by Nigerian money deposit banks. The lawmakers also said the policy will have negative impacts on small and medium enterprises “which are clearly the engine room for growth of the economy”. In a circular released on Tuesday, the CBN had directed all…

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Don’t give a cent to anybody to import food into the country, Buhari orders CBN

President Muhammadu Buhari has directed the Central Bank of Nigeria (CBN), to stop providing funding for food imports, his spokesman said in a statement yesterday. He gave the order in his hometown of Daura in Katsina State when governors elected on the platform of the All Progressives Congress (APC), paid him a visit to mark this year’s Eid-el-Kabir. According to Buhari, Nigeria currently has enough food for its citizens following several reforms in the agriculture sector by his administration, adding that there was no need to continue to import the…

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Nigeria’s poultry industry now worth N1.6trn, says CBN

The Central Bank of Nigeria (CBN) says the poultry sub-sector is the most commercialised of all Nigeria’s agricultural sub-sectors with a current net worth of N1.6 trillion. Godwin Emefiele, governor of the apex bank, made this known at a meeting with vice-chancellors of universities on the University-Based Poultry Revival Programme in Abuja on Monday. Emefiele, represented by Okwu Nnanna, the CBN deputy governor on economic policy, said the sub-sector contributes about 25% of agricultural GDP to the Nigerian economy. He explained that the population of chickens was about 165 million,…

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CBN to Maintain Tight Monetary Policy, Estimates 12% Inflation

The Governor, Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has projected that the current monetary policy stance of the bank is expected to continue while inflation is estimated to rise to 12 per cent and moderate thereafter. He said this while making a presentation on ‘Setting the agenda for economic growth and business confidence,’ following the conduct of elections in 2019’, at the Businessday post-election economic agenda conference in Lagos on Thursday. “The CBN has set the post-election agenda for the nation’s monetary policy, projecting that the current monetary…

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Access Bank and Diamond Bank Get Final Approval to Merge

The Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC), have both granted Access Bank Plc and Diamond Bank Plc the final approval to merge. Both banks disclosed this in a joint statement that was signed off by Access Bank’s Company Secretary, Mr Sunday Ekwochi. Recall that a few weeks ago, the shareholders of both banks approved the merger between the lenders, after a series of Extra Ordinary General Meetings held in Lagos. In an earlier notice to the Nigerian Stock Exchange (NSE), Access Bank disclosed that…

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CBN Intervenes With $ 269.92m, CNY 31.34m in Forex Market

In continuation of its periodic intervention in the inter-bank segment of the foreign exchange market, the Central Bank of Nigeria (CBN) on Friday, March 8, 2019, injected the sums of $269.92 million and CNY 31.34 million in the Retail Secondary Market Intervention Sales (SMIS) of the Foreign Exchange market. The dollar interventions were for customers in the agricultural, airlines, petroleum products and raw materials and machinery sectors, while the CNY 31.34 million component was for payment of Renminbi-denominated Letters of Credit for agriculture as well as raw materials. Confirming the…

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CBN to Establish Microfinance Banks in 774 LGs

[Aminu Imam] The Central Bank of Nigeria (CBN) is targeting to have Microfinance Bank branches in all the 774 local governments of the country. Governor of the CBN Mr. Godwin Emefiele made this known on Wednesday at Gwagwalada, in Abuja, when he embarked on a facility tour of Nigeria Incentive-Based Risk-Sharing System for Agricultural Lending (NIRSAL) microfinance bank, an agribusiness initiative which provides risk for framers. The capital base of the new NIRSAL Microfinance Bank will initially be N5 billion and as a first step, the apex bank said this…

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No More FOREX for Textiles, Garments Import CBN Governor

Textiles and garments imports have joined the FOREX restriction list of the Central Bank of Nigeria, Godwin Emefiele, the Governor of the apex bank, announced in Abuja. Emefiele made the announcement during a meeting with textile industry stakeholders and added that the policy would take effect immediately. Nigeria spends an estimated $4billion on imported textiles yearly. Emefiele said that the restriction would rejuvenate the textile industry in Nigeria and ensure that the needed growth was actualised. “Accordingly, all FOREX dealers in Nigeria are to desist from granting any importer of…

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CBN Challenges Bank Customers On Failed E -Transactions

[Aminu Imam] The Central Bank of Nigeria (CBN), has said that any failed instant payment transaction not reversed into the customer’s account within 24 hours after complaint by the sender or beneficiary should be reported to CBN. The Director, Consumer Protection Department, CBN, Mr Kofo Salam-Alada said this in an interview with the News Agency of Nigeria (NAN) on Sunday in Abuja. The Director recalled that the CBN had in September 2018 published a circular on the guidelines for instant electronic payments, which also include sanctions for banks and other…

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We’ll Achieve 80% Financial Inclusion Target By 2020 – CBN

[Aminu Imam] The Central Bank of Nigeria (CBN), on Thursday expressed optimism that the 80 per cent financial inclusion target, which was set by the Federal Government in 2012, would be achieved. The CBN Governor, Mr Godwin Emefiele, said this in Abuja at a national financial literacy stakeholders’ conference. The conference had as its theme, “Implementing financial literacy and consumer protection to advance financial inclusion in Nigeria.” The Federal Government had in 2012 launched the National Financial Inclusion Strategy aimed at reducing the number of eligible adult Nigerians that are…

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Financial Literacy: 36.6 m Nigerians Lack Access To Formal Services

[Aminu Imam] Latest figures released by the Enhancing Financial Innovation and Access (EFInA) department of the Central Bank of Nigeria (CBN) showed that about 36.6 million Nigerian adults, representing about 36.8 percent of the Nigerian adult population, do not have access to formal financial services. According to the CBN, the Federal Government targets achievement of 80 percent financial inclusion of its adult population by 2020, a revised National Financial Inclusion Strategy it released recently has shown. It is in this regard that the CBN is leading National Financial Inclusion stakeholders in…

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FG Recorded N889.61bn Deficit In Nine Months, Says CBN

[Aminu Imam] The Federal Government has  between January and September last year recorded a fiscal deficit of N889.61billion in its operations, figures obtained from the Central Bank of Nigeria (CBN) have revealed. The 2018 Budget,which was signed by President Muhammadu Buhari, had a total spending of N9.1trillion, made up of N2.87trillion for capital expenditure, N3.51trillion for recurrent (non-debt) expenditure while N2.01trillion was projected to be spent on debt servicing. The N9.1trillion budget was expected to be financed from N2.99trillion to be generated from oil revenue, N31.25billion from Nigeria Liquified Natural…

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Nigerians Should Expect Inflation Rise In 2019 – CBN Report

[Aminu Imam] Some Nigerians have projected a rise in inflation and borrowing rates as well as naira appreciation in the next 12 months. They gave the projection in the Central Bank of Nigeria (CBN) 2018 fourth quarter consumer expectations survey (CES) report released on the website of the apex bank. According to them, the major drivers of the expected upward movement will be in prices of rent, food and other household needs, telecommunication, electricity, debt payment and purchase of house. The survey, conducted between November 24 and December 7, 2018,…

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CBN Injects $210M Into Foreign Exchange Market

[Aminu Imam] The Central Bank of Nigeria (CBN) says it has injected 210 million dollars into the various segments of the market to sustain its intervention in the Inter-Bank Foreign Exchange Market. Mr. Isaac Okorafor, CBN Director, Corporate Communications, made this known on Thursday in Abuja. Okorafor said that the apex bank offered 100 million dollars as wholesale interventions and allocated 55 million dollars to Small and Medium Enterprises, adding that another 55 million dollars was allocated to customers requiring foreign exchange for business and personal travels, tuition or medical…

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